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Lyrx [107]
3 years ago
8

The changes in account balances for Elder Company for 2018 are as follows: Assets $ 680,000 debit Common stock 350,000 credit Li

abilities 190,000 credit Paid-in capital—excess of par 30,000 credit Assuming the only changes in retained earnings in 2018 were for net income and a $50,000 dividend, what was net income for 2018?
(A) $140,000.
(B) $150,000.
(C) $160,000.
(D) $170,000.
Business
1 answer:
hammer [34]3 years ago
4 0

Answer:

Net income will be $160000

So option (c) will be the correct answer

Explanation:

We have given debt common stock = $680000

Credit liabilities = 350000

Credit paid in capital = 190000

And excess of par 30,000 credit Assuming the only changes in retained earnings

So 680000 = 350000+190000+30000+ retained earning

So retained earning = $110000

Dividend paid = $50000

So net income = dividend paid + retained earning = $110000+$50000 = $160000

So option (c) will be the correct answer

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Suppose that, in a competitive market without government regulations the equilibrium price of gasoline is $3.00 per gallon.
yKpoI14uk [10]

Answer:

price floor , binding

price ceiling binding

price floor , non binding

Explanation:

A price floor is when the government or an agency of the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price.

Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price

Because firms are unable to hire workers due to the minimum wage laws., it means it is binding price floor

Equilibrium price is $3 and the maximum price is $2.70 . Thus, it is a binding price ceiling

Equilibrium price is $3 and the minimum price is $2.70 . Thus, it is a binding floor

8 0
2 years ago
Betty made a 20% profit on a residential lot she sold for $30,000. What did she pay for the property
Ludmilka [50]

Answer: $25000

Explanation:

From the question, we are informed that Betty made a 20% profit on a residential lot she sold for $30,000. Let the cost price of the property be represented by x.

Therefore, (100% + 20%) of x = $30000. This means that 120% of x = $30000.

120% × x = $30000

1.2x = $30000

x = $30000/1.2

x = $25000

Therefore, the amount paid for the property is $25000

3 0
2 years ago
The fritolay, a standalone division of pepsico may be classified as a(n) question content area bottom part 1 a. investment cente
lina2011 [118]

The fritolay, a standalone division of pepsico may be classified as a  revenue center. A revenue center is a separate operating division of a company that is in charge of producing sales. For instance, a department shop might view each of its departments as a revenue center, including men's, women's, and children's clothing, jewellery, and so forth.

The sole thing that cost centers do, like revenue centers, is monitor costs, making them the revenue center's opposite. Revenue centers are marketing departments that are immune from profit generation and responsibility because they solely measure production. The business activity in charge of producing a company's sales revenue is known as a revenue center.

To learn more about revenue center, click here.

brainly.com/question/15857795

#SPJ4

3 0
1 year ago
On January 2, 2019, Adelphi Company purchased a patent for $235,000 plus
Ymorist [56]

Answer:

The annual amortization expense for 2019 will be $35000.

Explanation:

The amortization expense for the patent calculated based on the useful life of patent. The purchase of value of $235000 plus $10000 gives the total value of $245000 while use the patent of 7 years.

The formula for amortization expense = (Cost of patent - Residual value ) / Useful life of patent)

amortization expense = ($245000-0)/7 = $35000

The legal life would not count due patent in business use for limited life compare to legal life of patent.

4 0
3 years ago
Patty took a cash advance of $1,500. Her new credit card charges an Annual Percentage Rate of 21%. The transaction fee for the c
natali 33 [55]
I honestly don’t kno

4 0
3 years ago
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